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With the current economic crisis and the situation in Ukraine, choosing the best strategy for your business might feel like taking a leap in the dark. To help you navigate through this seemingly uncharted territory we have listed these 5 fail-safe ways to ensure that your business does not simply weather any storm in 2023 but make big strides in the years to come!
1. Invest in Technology
Technology is your friend. Nowadays, economising on time is every business’ pressing need, so boosting the efficiency of your operations is indispensible. Purchasing the right software can be your organisation’s next move towards your goal, so that you can:
- automate manual workloads
- receive accurate analytics of copious amounts of data
- centralise disparate data streams
- facilitate hybrid/remote working
- systemise enterprise resource planning (ERP) and customer relationship management
Apart from freeing your time to focus on priorities such as market research and organisation growth, technology is the best way to improve your company’s overall efficiency and ensure effective customer service, sales and marketing.
2. Offer an Immersive and Personalized Customer Experience
In this day and age, treating people like numbers is a sure-fire way for your business to fail miserably. People want an immersive, personalized experience first and foremost. This need not have repercussions on price point and thus, profit margin. Nor should it negatively affect the quality of products or services offered.
Indeed, there are many businesses out there that are thriving because they’ve managed to find a healthy balance of both. Just take a look at storyboards.io – a company offering its customers something that’s as priceless as it is timeless, whilst allowing customers to have full control of the end product.
Providing this sense of autonomy for customers can be facilitated by the metaverse, which is more than just a buzzword and certainly a great resource that might benefit your company. Through the use of VR and AR, you can provide potential clients with a 3D virtual world that replicates the real world, allowing for an enriched online shopping experience to accommodate today’s busy lifestyles.
3. Ensure Sustainability
With more awareness about the ecological impact of businesses, we are seeing more conscious consumers and investors who care about the climate and actively opt for businesses who use energy and resources sustainably. In a recent survey by IBM, 51% of respondents from 10 major economies of the world said that they prioritize environmental sustainability more than they did twelve months ago.
It seems like making your business sustainable is no longer a matter of preference. You must find ways in which your business will meet the needs of your current customers without being a detriment to future generations in the process. Although reaching net zero greenhouse emissions is not possible in all businesses, there are other ways in which you can offset your company’s emissions. Investing in carbon credits is one of them.
The benefits of sustainable business practices? Well, the planet will not be the only one to profit from your effort, but your business would reap the fruit of your labor too. Eco-friendly practices have proved useful in reducing operation costs and increasing efficiency, which ultimately translates into financial gains.
The reputation of your brand is likely to benefit too. Being known as a business that’s intent on preserving the planet, can serve as a pull factor to a substantial number of customers.
4. Research, Adapt, Review
- Audience
Get to know your audience and investigate current trends and interests. This way you can get a better understanding of your customers’ needs and cater for them accordingly. CRM software can also help you in devising more targeted and effective sales strategies.
Being aware of your competition, production costs and demands is equally crucial. Make sure you are updated with the price that customers pay for similar products and services.
Review your costs regularly. With the rising inflation, you may want to increase the frequency of your reviews to keep your profit margin in check.
- Products/Services and Digital Presence
Align your goods and services with the results from your market research. And don’t underestimate the value of your digital presence; keep your storefront in line with design trends and invest in the latest technologies.
- Supplier Relationships
Revisit your supply chain and renegotiate contracts and rates as needed. Don’t be afraid to shop around for the best price. Changing your current supplier to a more economical one will help you minimise supplier costs and increase your profit margin.
